SOCO announced that Te Giac Trang Phase II development drilling operations have commenced offshore Vietnam with the spudding of the first well at the H4 wellhead platform by the PetroVietnam Drilling PV Drilling I jackup drilling rig. Five development wells are expected to be drilled in the Phase II operations following the batch setting of surface casing strings. The wells are expected to be completed for production start up in August 2012.
Oil production on the Armada TGT-1 floating production storage and offloading vessel ("FPSO") is currently at ca. 30,000 barrels of oil per day ("BOPD") while the wells are tested and baseline reservoir management information taken. Preparation for the second set of planned perforations is ongoing and production is expected to increase to test the total processing capacity of the FPSO by year end.
Gas export, through a pipeline to the nearby Bach Ho Facilities for processing and transportation to shore via the existing pipeline infrastructure for further distribution, has also commenced at low rates while the gas related process systems are fully tested and commissioned.
TGT oil output is expected to plateau at approximately 55,000 BOPD and peak gas production will be approximately 30 million cubic feet per day.
Te Giac Den ("TGD")
The acquisition of approximately 140 km2 of full fold 3D seismic data over the TGD appraisal area has been completed. Processing of the data will start shortly.
The Mindou Marine 1 ("MIM-1") exploration well, which spudded on September 5, 2011 in the Marine XI Block, located in the Congo Basin offshore the Republic of Congo (Brazzaville), is at 1,414 meters depth and is being logged prior to running 13 3/8" casing. The next hole section, the 12 ¼" section to ca. 2,885 meters to the top of the reservoir, is expected to take approximately two weeks to complete.
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